Fraud charges filed against SF bank execs who accepted millions in bailout

San Francisco Examiner ^ | October 12, 2011 | Ari Burack

[Navy Patriot]

San Francisco bank executives cooked their books and lied to auditors just before they accepted a $298 million taxpayer bailout, federal prosecutors said Tuesday.

They now have the distinction of being the first senior executives of a bank that received federal bailout funds to be criminally charged in connection with a scheme to defraud the government and American taxpayers.

The Securities and Exchange Commission charged former United Commercial Bank CEO Thomas Wu and vice presidents Ebrahim Shabudin and Thomas Yu with illegally obscuring their bank’s mounting losses. A separate indictment charged Shabudin and Yu with securities fraud, conspiracy, falsifying corporate books and records, and lying to auditors.

Prosecutors accused them and others of hiding the bank’s true condition starting in September 2008. Two months later, facing growing losses, the bank received $298 million from the Bush administration’s Troubled Asset Relief Program, which arose from the 2008 banking crisis.

[Navy Patriot]

This from the Marxist utopia of San Francisco, in the Peoples Republic of California, from three who never missed an A list party in the city, attended by (almost exclusively) DemoRat politicians and Marxist community organizers.

This post is NOT Pelosi approved.

[Freddd]

So when will happen for obama and Solyndra and Sun Power???

[Brandonmark]

[Navy Patriot]

I think the names are pronounced: Wu Shubed in Yu.

I could be wrong,....

[JudgemAll]

Entitlement banks... this is a drop in the bucket compared to the student loan business which entitles banks an interest rate, no matter what...